It is worth noting that by unilaterally choosing to assign weight zero to the probability of unfavourable events and thus by considering only the probability of a payoff increase via pairwise comparison dynamics, the population converges to a mixed strategy equilibrium, where cooperation is achieved by one part of the population. This formulation is in accordance to the main elements that constitute the prospect theory [1]}. Finally, by considering a situation where the degrading effect is stronger, namely \(\lambda < 1\) , the population will converge to a strategy profile where the dominant strategy is cooperation.
